Market Commentary

Updated on September 9, 2024 10:08:50 AM EDT

There is nothing of importance scheduled for release today. This morning’s early bond weakness is likely a result of stock strength since there is little else to drive trading this morning. The rest of the week brings us only three monthly economic reports and two Treasury auctions that are expected to affect mortgage rates. Two of the economic releases are labeled highly important since they will help us gauge inflationary metrics in the economy.

Tomorrow also lacks any relevant economic data. We do have the presidential debate late tomorrow evening, but we won’t see a market reaction until Wednesday’s early trading. Even then, it probably won’t have a strong influence on rates regardless of what is said. This is especially true considering there is a major inflation report scheduled for Wednesday morning also.

Overall, Wednesday is the most important day of the week for rates due to the importance the Consumer Price Index (CPI) carries in the markets. The best candidate for calmest day is tomorrow. We should see the most movement in rates Wednesday and/or Thursday, but other days could still yield minor changes in pricing. Keep an eye on the markets if still floating an interest rate and closing in the near future since they can get active without warning.